Emirates announced on Monday record profits of 17.2 billion dirhams ($4.7 billion) for the last financial year.
It marks a 63% increase on the previous year’s profits at the Dubai-based airline.
And it’s not just executives who can celebrate the news. UAE based outlet The National reported that eligible staff will be paid a bonus worth 20 weeks of their salary, to be included in this month’s payroll.
It’s not clear exactly who is eligible for the bonus, but last year, more than 50,000 Emirates staff received an extra 24 weeks of pay, per The National.
However, the hefty bonus isn’t quite as much as the extra eight months’ worth that Singapore Airlines paid out last year — citing a union agreement and pay cuts during the pandemic.
In a press release, Emirates CEO Sheikh Ahmed bin Saeed Al Maktoum said: “We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.”
He also said the airline had capitalized on “Dubai’s unique advantages.” The city is known as a popular tourist destination and a business hub, with no personal income tax for individuals.
Emirates’ business class offerings are frequently praised by experts. It was ranked number three in the world by Skytrax in 2023, behind Qatar Airways and Singapore Airlines.
The record profits also highlight how Dubai is emerging as an important global city and a powerhouse in the Middle East.
Emirates’ announcement came less than a week after Al Maktoum criticized Boeing over delivery delays, telling the planemaker: “Get your act together.”
The manufacturer has slowed down to ensure safety in the wake of January’s Alaska Airlines blowout. But Al Maktoum was eager for Boeing to speed up to meet deadlines, suggesting Emirates is committed to plans for growth.